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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 06, 2000
Page
10
The piece portrays the typical millionaire as disciplined and productive. It cites data on 733 top earners showing homes around 1.4 million, 90 percent with college degrees, and annual incomes over 700 thousand. It highlights routine activities like investing and consulting advisers over flashy leisure.
The study shows millionaires pay high taxes with many spending over 300000 on last year’s income and 20 percent over 1 million. Wealth correlates with hiring tax pros and outsourcing tasks while DIY work declines with wealth. Financial success ties to philanthropy and social networking in fundraising circles.
A market researcher recalls interviewing millionaires who favored charitable fund raising over lavish trips. Data show fund raising outpaces vacationing in Paris by 3 to 1 and other leisure activities by large margins, prompting the boss to replace him with a fundraiser.
A 54 year old married man with three children lists an average net worth of 9.2 and a realized income of 749000. About 32 percent own businesses, 16 percent are senior executives, 10 percent are attorneys, and 9 percent are physicians. 84 percent inherited less than 10 percent of wealth and 61 percent never received inheritance. He bought his current home 12 years ago for 560000, now valued at 1400000, and 82 percent are willing to walk away from a deal. The mortgage balance is about 98000 or seven percent of current value. He ties wealth success to integrity, discipline, people skills, a supportive spouse, hard work, and leadership, rating these factors far above top college grades or advisers.
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